No Plan To Pull Out Of NIPCO, Says IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it has no plan to pull out of the joint ownership of the Nigerian Independent Petroleum Company (NIPCO).

IPMAN National President, Alhaji Abdulkadri Aminu, who gave the undertaking, told newsmen in Lagos on Sunday that the association had major shares in NIPCO.

“The IPMAN is still a major shareholder of NIPCO and we have considered the company as the only one that can protect our interest,’’ he said.

Aminu said that the purported Memorandum of Understanding (MoU) signed by some former members of the association led by Alhaji Musa Felande-Mohammed with Capital Oil and Gas Limited was not done on behalf of the association.

The IPMAN national president said that only the national body of the association had the right to sign the document and make such a pronouncement.

Alhaji Musa Felande-Mohammed, who led other group, on March 24, said that his group had signed MoU with the Capital Oil and Gas Limited.

Felande-Mohammed said that his group signed the agreement based on the difficulty they faced at the depots in accessing petroleum products for loading and distribution to consumers.

Aminu urged the management of Capital Oil and Gas not to sign any MoU without the official confirmation from the national body of the association.

He said that the Felande-Mohammed led group ceased to be members of the association based on a court judgment since 2008.

IPMAN chief said that the MoU signed with the Capital Oil by Felande-Mohammed group without the consent of the national body was wrong and fraudulent.

Commenting, Alhaji Taofeek Lawal, NIPCO Manager, Corporate Affairs Department, said that there was no crisis between NIPCO and IPMAN since they signed an agreement in 2001.

Lawal said that the purported MoU signed by Felande-Mohammed group awith Capital Oil has no effect on the company, adding, “IPMAN and NIPCO are good partners”.

NAN reports that NIPCO, formerly IPMAN Petroleum Marketing Company Limited (IPMCL) was incorporated by IPMAN members on Jan. 8, 2001 as a limited liability company.